SOLUTION 6
Monetize “bad” leads through
systematic referrals
Let’s revisit Solution 2. The lead qualification process yields
both good leads who you’re eager to convert into paying
clients, but it also yields “bad” leads who don’t pass your
qualification criteria. Many business owners and team
members will let these leads “fall off” their radar as soon as
it’s determined that the lead isn’t a good fit for their company,
but that’s a mistake: These leads often need a product or
service similar to yours, and just because your business may
not be able to or be interested in providing these products
or services to them, that doesn’t mean you can’t earn revenue
from them. The way to monetize these leads is through
paid referrals. It’s a straightforward process that can yield
revenue up to 40% of the fees received by the “referred”
business:
1.
Identify the businesses in your industry or in a related
industry whom you recommend, and who complement but
do not compete with you. (Using marketing agencies as
an example, this could include agencies who overlap with
your metropolitan area, but whose services do not overlap.
Perhaps your company only handles SEO and content, and
another recommended agency manages only paid ads.)
2.
Arrange referral-fee agreements with these businesses, and
make a list with their contact information and the criteria
that must be met for a lead to be referred to them.
3.
Share this list (not including the details of the referral fees
you will receive) with your receptionist service, along with
any instructions for making approved referrals on your
behalf.
4.
That’s it! Enjoy the additional revenue from your referrals
when leads hire businesses who are better suited to serve
them, based on your recommendation.
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